Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.021%

Price spread now: MEXC against dYdX−0.042%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 0.042% cheaper against dYdX than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 34 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ICP-USD	2.9352	0	get 0.0000% / 1h	50m 21s	$68K	$3K	5x
Short	MEXC ICP_USDT	2.9340	0.0100	get 0.0100% / 8h	2h 50m	$18.1M	$9.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee dYdXbpFee MEXCbpOrdersPrice spread, now −0.042%Rate

Funding earned: $21
Price spread: −0.042% → 0.000%: −$4.21
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $6.79
Costs to cover: 0.100%
Break-even: 4.7 days

Slippage unknown: dYdX: no order-book sample; MEXC: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy dYdX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	1.71 bp	4.0 bp −$4	13.5 bp −$135	61.5 bp −$6,153	137.7 bp −$68.9K

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ICP on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ICPUSD	−0.0068%	1h	2.9359	+0.021%	$486K	$629K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0057%	1h	2.9349	−0.011%	$191	$439	50x	as long as short
dYdX ICP-USDlong	0.0000%	1h	2.9352	long leg	$68K	$3K	5x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9353	+0.001%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+1.065%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0071%	8h	2.9320	−0.111%	$1.0M	$133K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9361	+0.029%	$142K	$492K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9377	+0.084%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9358	+0.020%	$263K	$1.5M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9352	−0.002%	$133K	$10K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ICPUSDT	+0.0100%	8h	2.9334	−0.064%	$28.8M	$48.4M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9330	−0.076%	$16.9M	$17.7M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9310	−0.144%	$5.6M	$14.9M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9340	−0.042%	$1.8M	$2.8M	50x	as long as short
MEXC ICP_USDTshort	+0.0100%	8h	2.9340	−0.042%	$18.1M	$9.9M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9340	−0.042%	$4.8M	$12.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9360	+0.026%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9350	−0.008%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9279	−0.249%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9293	−0.203%	$557K	$501K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9300	−0.178%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9310	−0.144%	$102K	$117K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9340	−0.042%	$1.7M	$767K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9349	−0.012%	$22K	$131K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9280	−0.247%	$1.2M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0336%	1h	2.9530	+0.605%	$57K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9332	−0.071%	$30K	—	100x	as long as short